How Do I Trade with a Plan?
How Do You Analyze Gold Plan?
Xauusd trading plan checklist - the following is a template example of a plan template example:
JUSTIFICATION FOR XAUUSD TRADING PLAN
1. Gold Trading IS A BUSINESS, SUCCESSFUL BUSINESSES ALWAYS HAVE PLANS
- Businesses that are successful always begin with a plan.
- Successful business planning will lesson you to success, think of your plan as a map: it's a constant reminder of how you will consistently pull profits from the trading market.
- Difference between a successful trader and a losing trader is the plan.
2. TO KEEP ME AS A XAUUSD TRADER IN THE RIGHT DIRECTION
Consistency is important in your xauusd routine to measure how successful you are.
Keep you as a trader on target, read the plan everyday, analyze the plan everyday, and stick to its written rules.
In your plan you should think of your plan as a map that shows you as a trader this is what you follow, your plan should have clear written rules that specify when you open a trade or close a trade transaction.
Your written trading plan should cover all factors of xauusd, you should read and analyze the plan every day until the rules of your trading plan are on your fingertips so that when you're trading on the fast moving market you'll always know what to do in every situation.
This how to analyze xauusd plan guide provides an example written plan that you as a trader can use for making your own xauusd plan.
XAUUSD plan is one of the tips that can help you as a trade to improve your results. A good learn trading training guide like this one - www.tradeforextrading.com - should explain to you how to create a trading plan which you can use for xauusd.
IF YOU HAVE A GOOD Gold PLAN and YOU ARE DISCIPLINED ENOUGH TO STICK TO IT When Gold Trading, YOU WILL BE SUCCESSFUL.
GOALS OF THE XAUUSD TRADING SYSTEM
- Ability to IDENTIFY A Gold TREND AS EARLY AS POSSIBLE .
- Ability to AVOID XAUUSD WHIPSAWS .
The system should find a compromise between the two goals of the plan,
Find a method to identify a trend as early as possible but also find ways to help you differentiate the fake whipsaw signals from the real trading signals.
FUNCTIONS OF EACH Gold TECHNICAL INDICATOR
MAs - Identify a new trend as early as possible.
MACD - Identify a trend as early as possible.
Determine momentum of a continuing trend.
RSI - 50 center line crossover signal to confirm the begin of a new trend.
Extra confirmation indicator to help determine the strength of our trend.
To learn indicators and how to generate signals with indicators Learn Indicators Section
Gold TRADING CHART TIMEFRAMES
- Main chart time-frame is the 1H.
- Signals are generated on the 15 min chart time frame.
15 Min Charts
- 5 & 7 LWMA
- RSI (14)
- MACD
XAUUSD TRADING RULES
BUY XAUUSD SIGNAL
15 Min Charts
- Both MAs are moving UP
- MACD Above Zero Centerline (Not MACD moving UP)
- RSI >-> 50
When buy signal is generated on the 1 Hour chart timeframe - use the 15 minute chart time frame to open & close trades.
LONG EXIT
- RSI indicator gives opposite signal
XAUUSD TRADING RULES
SELL XAUUSD SIGNAL
15 Min Charts
- Both MAs are moving DOWN
- MACD Below Zero Centerline (Not MACD moving Down)
- RSI <-< 50
When a sell signal is generated on the 1 Hour chart timeframe - use the 15 minute chart time frame to open & close trades.
SHORT EXIT
- RSI indicator gives opposite signal
XAUUSD TRADING ROUTINE - XAUUSD TRADING SCHEDULE
- Signals are generated using 1 Hour chart timeframe and executed on the 15 minute chart time frame.
- xauusd signal to be executed immediately xauusd rules are met.
- Entry signals should be executed during daytime.
TIME OF DAY TO WATCH MARKET - XAUUSD TRADING MARKET HOURS
Watch market during daytime when most traders are online. Use this plan to come up with a suitable xauusd schedule.
XAUUSD Plan Example
Interpret a Plan? - How Do I Trade with a Plan? - Read a Plan?
XAUUSD MONEY MANAGEMENT
- Day trading
- Only trade when I have a high risk:reward ratio 3:1 or more
- Stop loss = Parabolic SAR
- Set Take Profit Order target 40-60 Pips
- Never trade beyond 3 % of account equity
- Never risk more than 2% on any single transaction
XAUUSD MINDSET/XAUUSD PSYCHOLOGY
- Trade xauusd trading without Emotions (greed, fear, impulse, anticipation, bias, overexcitement)
- I trade what I see not what I feel.
- I--willI'll be patient.
My job isn't to be the trading system!
It is not to decide which signal looks promising.
That is the job of my system - which has a set of rules which tells me this is what I follow when xauusd. Don't get caught up in price action & make rules as you go along.
MY JOB DESCRIPTION IS
To sit patiently and wait for my strategy to indicate that it is time to enter or it is time to exit a trade. And then with extreme focus I execute xauusd trading plan as outlined.
Taking trades not indicated by trading strategy, second guessing it and not taking signals given, hesitating and getting in late, anticipating and getting into trades early are all common place and boil down to lack of faith in the plan and not having a burning focus on accurate plan rules execution.
XAUUSD GOAL: To have 100 Percent undivided resolve on mastering my ability to execute my xauusd rules accurately.
The more you develop your ability to step back from price action movement and watch the market calmly, waiting for a signal, the easier it will be to witness the fluctuations of your emotions without getting sucked into them allowing them to throw you off your xauusd game.
WEAKNESS
- I am greedy.
- I over-trade
- Make a list of all your weaknesses that are interfering with your xauusd. This is the first step in trading to help you overcome these weaknesses. Use xauusd psychology to help you to overcome them.
NB: by writing down your weaknesses on your plan you will start recognizing them as you make progress, once you do this you will start to avoid this trading mistakes & your results will improve with time.
GOALS
- To focus on exit just as much as I do on entry trade signals.
- Always protect my account using stop loss, equity management strategies, follow with the trend direction and always following the rules of my gold strategy.
- Never second guess or go against my strategy. To always keep up my discipline in xauusd.
- Follow all the rules of system + charts are telling me.
- Sit patiently & wait for signals from my strategy.
- Achieve consistent xauusd results before signing up a live account.
FOLLOW THE RULES OF THIS XAUUSD TRADING SYSTEM
This is one of most important part of how to create a system.
Always follow the trading rules
Stick with the trading rules
Be disciplined and patient enough
XAUUSD TRADING JOURNAL
Write all trades in a journal so as to keep track of your trading progress when using your plan.
Analyze XAUUSD Plan? - How Do I Trade with a Plan? - Read a Plan - How Do You Interpret a Plan?
Even if you're new to xauusd and you do not know how a system works, this trading strategy tutorial shows to you how a strategy should look like.
Hence, the objective is to help you come up with your own complete strategy - by showing you a written plan example that is already complete.
Read this plan tutorial about how to trade with a plan - One of the most important part of using this plan template is the "Money Management Part" you will learn how to trade and minimize risk using xauusd trading money management guidelines, which will be specified in your plan.
Interpret a Plan? - How Do You Trade with a Plan? - Read a Plan - How Do You Interpret a Plan? .
